The webs most detailed Binance Review: Find out what our expert has to say about this fast-growing cryptocurrency exchange that has become a household name in the industry. Learn what makes Binance special as a trading platform and why so many active traders choose this crypto exchange.
In this section of our Binance review we highlight 6 special features that deserves extra attention.
Binance is right now the biggest cryptocurrency exchange when it comes to trade volume and it all started back in 2017 just before the Bitcoin boom of late 2018. The exchange was started in China and later moved its headquarters to Malta due to stricter Chinese regulations on cryptocurrency exchanges. Today Malta has accepted Binance thanks to its softer regulatory system. As of now, Binance is still a fast grower and it’s expanding its operations every year.
Binance has an excellent reputation among cryptocurrency enthusiasts all over the world, and we definitely see the point. It’s a great exchange with a very intuitive and ultra-modern interface when it comes to both investing and trading cryptocurrencies. One thing that absolutely stands out with Binance is that it’s focusing on its customer’s needs. Every year, new features are added that suits different kinds of investors and traders with different goals.
Why use Binance
If you are a scalper, day trader, swing trader, or a long term investor you should give this exchange a try. Trade options, futures, margin tokens, or take part of different promotions and battles to compete for different prices. All of this makes for a lot of fun if you are a hobby trader as well as a more experienced trader because Binance is a host of very advanced trading tools and charting software.
It’s very easy to access the platform with fiat money, and you can make instant deposits with all of the major payment methods. Most of the major currencies are also accepted which is another major selling point for Binance. In simple terms, they have made it very easy to get started with crypto trading and they keep their customers by giving them what they want. Not many exchanges out there will be able to compete with Binance if they keep up the pace of pleasing almost everyone.
Trading on Binance
When we tried to scalp, day trade, and buy tokens on Binance we were surprised of how easy it was to get started. There are no complications what so ever and you have access to all the basic and advanced charting tools from the start. Binance also has a real stop loss and take profit system when you trade in the futures pit. This is something that most platforms miss out and they only give you the option to add a stop-limit order to stop yourself out. One-click trading is also an option if you use market orders.
The chart is very fast and responsive as well as the order execution. You can follow the order book live and your orders get routed very quickly and there is a minimal lag between the buy or sell click until you have entered the market.
It’s also very easy to change the leverage if you decide to trade with margin. There is a bar where you can easily adjust the leverage as you like. Another thing Binance has incorporated is the Tradingview charts which make for even more professionality.
Payment methods and limits
You can deposit money with credit cards, bank transfer, and many other payment options. If you choose the P2P platform you can choose between 195 other payment providers, such as, Apple Pay, WeChat, Yandex.Money, Interac e-transfer, Google Pay, Cash App, PayPal, MIR, and Line Pay. This makes Binance one of the most versatile cryptocurrency exchanges when it comes to fiat to crypto payments and it’s a huge plus for reaching a wide audience.
There is no minimum withdrawal limit on Binance and the maximum withdrawal limit is very high at 7,500,000.00 every week. The smallest deposit possible with fiat currencies is $15 or equivalent with other currencies.
Things we don’t like
The first negative thing we want to point out about Binance is that it’s an unregulated exchange, which is not uncommon in the industry. It is a safe platform to operate on but we would rate it higher if we saw a governmental regulation to prove its trustworthiness. It was a little bit difficult to get a hold of the contact email address for the customer support, which is understandable with the number of clients they serve.
The second thing we are dissapointed with is the long queue to get to the live chat. Binance will try to solve the problem with the chart “bot” and if you want to talk to an agent you need to wait for the bot to connect you to a representative. When we finally got through to the live chat we were positioned 59 in the queue. For such a developed platform we would like to see more focus on the customer support.
About the special features on Binance
Binance has a wide selection of special features that will attract and keep any trader on the platform, for good reasons. No matter if you are looking to scalp, day trade, or invest in cryptocurrencies, there are so many ways to do it on this platform. Binance has made sure to serve most of the crypto enthusiasts with staking, mining, lending, OTC market, and instant coin exchange. You can pretty much do anything on this exchange and I really understand why it’s risen in fame during the last years. They absolutely put the trader’s interests first, a huge plus!
Advanced trading tools
Regarding trading on Binance, you have all the options you need when it comes to charting, technical trading tools, leverage, market screener, daily winners, and losers, and there is also the option to act as a market maker with the rebate you get from trading with limit orders in the futures pit.
Binance offers several trading platforms for both beginners and advanced traders. If you are a big trader, don’t worry, Binance has very high limits on their trade platform. You can also use the Binance app to trade on the go which is a great tool if you want to have maximum uptime and never miss an opportunity in the market.
Risk management & analysis tools
Binance will also help you control your risk when trading the leveraged tokens by showing you the amount of risk you take on for each trade which helps you keep track of the downside. Market news is another interesting feature Binance has added that lets you read up on the latest news in the cryptocurrency community and you will find several articles on many of the popular altcoins available on the platform. This also helps you with some fundamental analysis if you want to get a bigger picture of the company behind the coins.
Overall, Binance is packed with extra features that any trader will enjoy, all the way from several fiat currencies to very advanced trading systems.
Binance has our fullest recommendations!
Is Binance safe to use?
Overall, Binance is a very safe place to deposit money and trade cryptocurrencies. They have a very good reputation and hacks are very seldom reported. Considering that it’s a crypto trading platform they have done everything possible to keep customer funds safe. You have the option to add a Seurity Key, Google Authentication (2fa verification), SMS Authentication, E-mail Address withdrawal, KYC, Address Management, and Anti-phising Code. We recommend that you add all of these features in order to guard yourself against potential threats. With this in mind we consider Binance a relatively safe place to trade and buy bitcoin and other altcoins.
Is Binance regulated?
Binance is not directly regulated by any governmental body. However, it is based in a country (Malta) with regulations that surround the cryptocurrency industry.
Frequently asked questions
Read the most frequently asked questions about Binance. Find answers without searching the web.
No, it's not, Binance cryptocurrency exchange is a completely legal platform for both trading and investing in cryptocurrencies. It's very reputable and a trusted place to exchange your coins or trade futures and options.
To withdraw your cryptocurrencies from Binance all you need to do is to go to your wallet page and click withdraw. Then fill in the address you want to transfer your coins to. To withdraw fiat currencies you first need to choose a currency in your fiat wallet and then click withdraw. Depending on which fiat currency you want to withdraw there are different payment options. Choose the one you prefer and click Continue.
Yes, it is. Binance is a very safe exchange to use for both investing and trading cryptocurrencies. However, we do not recommend that you keep large quantities of cryptocurrencies on the exchange.
To start trading on Binance you first need to deposit a fiat currency or cryptocurrencies. Then go ahead to click trade in the top left corner of the interface and choose between the classic or advanced trade interface. There are also other trading features such as options, futures, and leverage trading.